Garmin Ltd. Q1 FY2024 results: revenue $1.4 billion, up 20.4% on the year

Garmin Ltd. (GRMN) reported revenue of $1.4 billion for Q1 FY2024, the quarter ended 30 March 2024, up 20.4% on the same quarter a year earlier. Net income was $276 million, up 36.4% on the year, and diluted earnings per share $1.43. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$1.4 billionup 20.4%

Net income$276 millionup 36.4%

Diluted EPS$1.43

QuarterQ1 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,382	1,483	n/a	n/a
Cost of revenue	580	618	n/a	n/a
Gross profit	802	864	n/a	n/a
Gross margin	58.1%	58.3%	n/a
Research and development	243	237	n/a	n/a
Selling, general and administrative	261	225	n/a	n/a
Operating income	298	340	n/a	n/a
Operating margin	21.6%	23.0%	n/a
Pre-tax income	327	383	n/a	n/a
Income tax	51.1	12.1	n/a	n/a
Effective tax rate	15.6%	3.2%	n/a
Net income	276	542	n/a	n/a
Net margin	20.0%	36.6%	n/a
Diluted EPS	$1.43	$2.82	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	435	466	n/a	n/a
Capital expenditure	33.2	48.6	n/a	n/a
Free cash flow	402	417	n/a	n/a
Free cash flow margin	29.1%	28.1%	n/a
Share-based compensation	30.7	35.2	n/a	n/a
Dividends paid	140	140	n/a	n/a
Diluted shares, weighted	193m	n/a	n/a	n/a
Shares outstanding at period end	192m	192m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	8,634	8,604	n/a	n/a
Cash and equivalents	1,922	1,693	n/a	n/a
Receivables	695	815	n/a	n/a
Inventory	1,302	1,346	n/a	n/a
Goodwill	602	608	n/a	n/a
Operating lease liabilities	106	113	n/a	n/a
Shareholders' equity	7,246	7,012	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	1,321	1,278	1,483	1,382	1,507	1,586	1,823	1,535	1,815	1,771	2,125	1,753
Cost of revenue	561	549	618	580	644	634	743	651	748	724	867	711
Gross profit	759	729	864	802	863	952	1,080	885	1,067	1,046	1,258	1,042
Gross margin	57%	57%	58%	58%	57%	60%	59%	58%	59%	59%	59%	59%
R&D	224	222	237	243	243	249	259	268	277	286	295	296
SG&A	204	201	225	261	278	265	305	284	318	303	349	315
Operating income	284	270	340	298	342	437	516	333	472	457	614	432
Operating margin	22%	21%	23%	22%	23%	28%	28%	22%	26%	26%	29%	25%
Pre-tax income	316	280	383	327	366	486	516	389	480	510	635	473
Tax rate	9%	8%	3%	16%	18%	18%	16%	14%	17%	21%	17%	14%
Net income	288	257	542	276	301	399	436	333	401	402	529	405
Net margin	22%	20%	37%	20%	20%	25%	24%	22%	22%	23%	25%	23%
Diluted EPS	$1.50	$1.34	$2.82	$1.43	$1.56	$2.07	$2.24	$1.72	$2.07	$2.08	$2.72	$2.09
Operating cash flow	274	357	466	435	255	258	484	421	173	486	554	536
Capital expenditure	52.5	45.5	48.6	33.2	37.2	38.5	84.7	40.1	45.7	60.5	124	66.6
Free cash flow	221	312	417	402	218	219	399	381	127	425	430	469
Dividends paid	140	140	140	140	144	144	144	145	173	173	173	174
Shares outstanding	191m	191m	192m	192m	192m	192m	192m	193m	193m	192m	193m	193m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 1 May 2024, accession 0000950170-24-050879: the filing on EDGAR. All of Garmin Ltd.'s filings: EDGAR company page.

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